This bill aims to amend the Code of West Virginia by extending the sunset date for modifications to personal and corporate income tax for qualified opportunity zone businesses. Specifically, it modifies the eligibility criteria for these tax benefits by changing the expiration date from January 1, 2024, to the date when qualified opportunity zones are no longer afforded federal tax relief as established by P.L. No. 115-97, as amended by P.L. No. 119-21. This change applies to both personal income tax (11-21-12l) and corporate net income tax (11-24-6b), allowing newly registered businesses in West Virginia to benefit from tax modifications for a 10-year period starting from the first full taxable year in which they qualify.

The bill also clarifies the definitions of "newly registered business" and "qualified opportunity zone business," ensuring that only businesses formed after January 1, 2019, and that meet specific criteria can qualify for these tax modifications. The Tax Commissioner is granted the authority to propose rules to implement these provisions effectively. Overall, the bill seeks to encourage investment in qualified opportunity zones by extending the tax benefits available to eligible businesses.

Statutes affected:
Introduced Version: 11-21-12l, 11-24-6b